New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-19


7: &c: ~. = Il: &
MONEY AND EXCHANGE.
The local money market worked easy all the
week through. The common rate for call loans
was 404l2per cent, whie thers was abundant
per cent of three TO six months money on mis-
cellaneons collateral The -ffort to get up MONEY
scare on the closing OF the old year Tor enect on
failure. It certain to d.. unless some capl-
txlist of greater caIibre than the bear
in sscuts' tn. M
changes have ruled about steady &C the Soubh ana
West, except that At Chicago New-fork DondS nave
declined TO 6oa70 cents discount ana AZ ~: Louis
have risen to 80 cents premium. The for"ign ex-
changes have developed more hrmness ON prepara-
ton for yearly settlements and tho actual rates Ior
business closed on the basis OF "a 81 ana ~ 30
respectively for long and short ster ing On lDurs-
day he governors of the Bank OF England made no
change in It's rate for discount and 10 remains at
cent aSnSs per s0e against
per cent year ago. Tho exports of cotton con-
tinue large. although running something unaef
yaSr Fore week sheS Amounted
to 1920 bales aqaInst I9s,9lO
bales in the week of 1886 and 133 566 bales IN tne
TENDER l have been 2,20O,0G7 bales this year
against 1890. 463 bales III 1886 aud l,IsG,34
bales IN 1888. There was better demand lor
wheat and flour during the week than there lately
has been and Indications Of further improvement
in that respect in the near future.
LUDlCROUS EFFORTS FOR DEPRESSION.
Now after six months Of futile predictions of
general decline III railroad earnings, while the rail-
roads perSIstentfv cOntinue 10 report phenomeual
gains, We are gravey told that they cannot 20 on
indefinitely gaining aud that next year the com
parsons will be made with The extraordinary
earnings Of 1887 No one Thought that the earn,
ings OF The autumn of 1886 were more phenomenal
than did those same operators who now are strIv-
ing to find some method by which they can frIghIen
...l.l rt<.s linz
cle's table OF earnings OF Sixty-mne railroads
in the first week Of December gives an
first week OF December 1SS6-a gam of $6SS.266
or 1874 per cent. lncluGIng the tables ne.ow,
HE lMBU>E bas printed the earnings OF nine
co npanies for the second week IN December giving
an aggregate of 81 371 0GS. against 81, 159 1874
gam If S2l 90 or 1873 per cent. on mileage gam
Of per cent. OF the nine COMPANIES, seven whlcn
rerOrted for the week OF 1880 now give gam OF
10 per cent he week of 1886 on to- OF gam III
the week of 1886 Of l3 per cent on he week OF 1850
The elrnlngs per fnie m me Wees VI tnts ~
$lO6 l3. against S9S II IN the week OF i $50.
Now the trading prices of both stocks ana bonds at
the Ncw-YOrk Stock Exchange generally are con-
sideraby lower than they were on December is,
1856 three DAYS afCer tire pane tSee prices oil
December X. 1856 IN orr weekly range Much
worry and anxiety Is expressed by those persons
wishing for low values for securities. about The
threatened reduction Of ra'cs on December y by
the railroad lines running southwest from Cnl-
cagO. Ii rates had been reduced during the last
six month even 10 per cent of hat these dlSlnter-
,.s ed gen flemen nave told of there now would
be no rates to reduce. There IL Disagreement
among he railiOIcs IN that part OF the conn,ry
t'nier ne old Svsr M before the lntcrs ate Con-
tnerce Law. the first the pubic would have henTd
be subject you'd nave been a cut oy some COM
panv for the purpose OF cnforclnglts demands or
making basis for 70 compl Sc. NOW zen
DAYS notice Is given of the intention To reduce
rates. which rem days. being devoted to discus
SOU of the question IN dispute, may safely be he
ductcd from the duration of the probable period OF
low rates. He rHBuNE Of Yesterday mcrnlng
prn Ell rhc pro posed new tarlf IN comparison WIN
IL hstV hat Pa ~
cial tariff of the ChIcayO. burlington aud q ilncY
Railroad Company Of jane 20. 1851; the figures
giNcn IN II exactly correspond with those existing
at present, trim which the Wabash threatens 10
make the rcduc. ion next lhurShaE 30 1t secins
there has been reduction in ali these SIX months
OF "ranway democrat zatlon.
TIE Latest CRY OF DISTRESS.
Even a Democratic Administrator of the Treas
ury refuses To all he d" bears It Will not accu-
mu,ate money despite the cry of the last six
months In tne lirsi half of tins month"; when II Is
buVug % bonds instead OF accumulatlug, II has
added over - coo 900 10 the general circulation.
now the effort J. 10 create a scare IN business
circles about the danger of Government deposits IA
National banks. Though the Government wond
he glad 10 pncIbaSe the bonds held as security ~
tAc figures upon which tue deposi are made ana
p1y out OF ~ yduls me @S'ooVooV au"i,lUmsi
IL despera game that anteipttes
a public crcdnliiy waIrannng such crafts on mag
nation. HE Nsr- FORK Iia's ths morning win
us usual want of accuracy says: here are
about r:}S 600. 900 of Government money ~ the
DEPOSITORY DankS, the Dulk OF Nitsfn II III new
York The hanks are apprehrnsIye that Congress
ulay do something " bch will force ne Government
Il call IN this money; ADD 10 fortIfy Themselves
agalns, tie possible contingency, they refuse 10
lend IT on time or Will lend II for ten DAYS only.
ana subject to cali after that. They know what
happened before IN our history when the
Government ca led IN the large depositsl II bad. and
they have taken ciicctual precautions against q
repetition of the experience The deposits IN
National banks by yrsrerday's report we're
5000. s!~ instead Of $3S, O00,000 bu, we VIII
not caVIi at Itte difference ot S3.OOOOUO: II Is
hardly as great ~ the difference between "
los, aud : per ccnt "a IN railroad earnings
But the statement. d" tie Oulh Of which Is IN New
York. deserves language which We shall not use
II il charitable not 10 credit II 10 Ignorance oniY
last Friday the sta emcnt of the Ne%-Iork CITY
National banks as made to the I9ntTo'',r' 9n
hi- call tor report of condition on December Z,
WAS published. II shows that they he'd IN hand
sos 200 luIOed states bonds. 10, 40 u0D DC
posted Tor security of circulation and SS9IO OOO
deposited for security of Government deposits.
Now if the whole IN punt Of the bOnds deposited
for security Of deposits was III per cents, the
Nrw-l orll CITY banks would I've entitled 10 only
50. sG7. 900 Goverument cash deposits, winch sum
Is not the buik" of S3S. 0O0OOO or StO,o21soJ.
rs to the RISK which the bank, run IN loanlng me
money. will The Times rise to explain To the world
why the banks of the country during the last Two
month, have Withdrawn from deposit Tor security
If circulation and purchased over 10000. 600 OF
bonds ar high rates 10 deposit for security OF de-
r1slts if not for making money on the
deposits; and how they Will make money on the
deposits If no. " loanlng IT, Again. the Govern
Iurnt has no possible Use for the money except to
exocnd IT, Suppose Congress should make sncb
eytTayagant apprUprlatlons rs TO dram the Treas
ury vaults and its bank accounts OF their bal ances,
would not both drains go TO the deposit of midi
yilual, and the cash remain III cIrculatOnI TO 10,
childIen, When you read history read 1t with
some intelligence.
SrAGNATION AT THE STOCK EXCHANGE.
Lassitudc and inertness were the principal feat
urcs Of he stock and bond markets last week. The
transactions in stocks amounted only to
/ .39t27O shares, Of which about 100000
were given to Monday and Tuesday. On
those two DAYS "a pressure OF sales for
The short account and no lIttlo washing" de-
pressed prices materially. After short period OF
activity early on Wednesday. during which figures
made considerable rccoverlcS, there were dulness
Ah.,ro ,.lnrnf fla.N EurnnA